China end-August refined fuel stocks down 6% on month
Source: www.chinamining.org Citation: Reuters Date: September 25, 2014
China`s commercial crude oil inventories at the end of August gained for a second month, as refiners focused on drawing down refined fuel stocks which fell a steep 6.2 percent over the month, the official Xinhua News Agency said on Wednesday.
Diesel led the fall with a 10.3 percent decline, as agricultural users started to boost purchases ahead of the harvest season, and as more boats sailed after a fishing ban in northern parts ended, China OGP, a Xinhua oil and gas newsletter, reported.
Gasoline recorded a drop of 3.35 percent, as refiners cut wholesale prices to boost sales, the newsletter said.
Kerosene, used mostly as aviation fuel, edged up 0.56 percent last month, after a steep fall of nearly 7 percent the previous month due to the peak summer travel season.
Crude stocks, excluding the country`s strategic reserves, rose 2.1 percent from the month before.
Sources at the country`s major oil companies have predicted that China`s diesel consumption is set to post its first decline in more than a decade this year, as a sputtering economy takes its toll on key industrial sectors.
Demand for gasoline and kerosene, however, remained healthy due to strong sales growth in passenger vehicles and an upturn in air traffic.
In August, national refinery crude throughput was up 0.8 percent from July at 9.75 million barrels per day.
China`s government rarely publishes oil inventory data, commercial or strategic.
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